Bloomberg News

Rusal Says Loan Covenant Holiday an ‘Option,’ No Plan to Use Yet

February 03, 2012

Feb. 3 (Bloomberg) -- United Co. Rusal has made no decision about using a covenant holidays that international lenders agreed to extend, Chief Financial Officer Evgeniy Kornilov said.

“It’s just an option” that Rusal may use if the market weakens, Kornilov told reporters today at a conference organized by Troika Dialog in Moscow. “It is part of risk management. We want to be ready if problems arise with covenant compliance as the market is too volatile now.”

Rusal agreed on the right to the covenant holiday this month after international lenders granted a $4.75 billion loan last year.

To contact the reporter on this story: Yuliya Fedorinova in Moscow at

To contact the editor responsible for this story: Torrey Clark at

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